The Central Bank of Nigeria has confirmed has put the amount spent on subsidizing fuel in 2011 at N1.7 trillion, contradicting previous figures that pegged the amount spent at N1.3 trillion.
The new figure was revealed during the House of Representatives subsidy probe, shocking the lawmakers present at the hearing.
“It seems this figure is constantly increasing” a baffled Honourable Farouk Lawan, chairman of the House of Representatives ad-hoc committee investigating the subsidy funds, said.
Minister of Petroleum, Diezani Alison-Madueke, group managing director of the Nigeria National Petroleum Corporation (NNPC), Mr. Austen Oniwon, as well as Finance Minister Dr. Ngozi Okonjo-Iweala had all put the 2011 subsidy price tag at a whopping N1.4 trillion, an amount already thought to be exorbitant.
However, during his testimony before the House of Reps committee, Kingsley Moghalu, deputy governor of the CBN revealed that at least N300 billion more was added to the earlier stated amount, bringing the figure spent on petrol subsidy as of 31 December 2011 to N1.7 trillion.
“I am aware there have been some testimonies here giving different figures. But as the banker to the Federal Government, the CBN should have the current figure. And although we need to get through documents for the exact figure, but the amount approximately is N1.7 trillion” Mr. Moghalu testified.
According to reports, the House committee later ascertained the total amount from 2011 to be N1.736 trillion as written on bank statements.
Minister of Petroleum on her part said it was “only natural” for the prices to go up toward the end of the year.
